RE:RE:About the latest drill results B2GOLD bought the properties from OKLO for an estimated amount of 91,300,000 Australian dollars. This is an estimate because the majority of the transaction was concluded by an exchange of shares AND an amount of 27.4 million Australian dollars. In CAD dollars, this transaction is estimated at $84,000,000 and only $25,300,000 in cash.
The transaction with OKLO covers a total area of 1,405 square kilometers, including 550 for the Dandoko permit. On Dandoko, 528,000 ounces at 1.88 g/t were estimated in the measured + indicated resource category, and 141,000 ounces at 1.67 g/t in the inferred resource category.
As indicated in the ROSCAN technical report, they OWN the rights for the Diaba Sud permit which covers an area of 35 square kilometers and have OPTIONS to acquire 6 additional permits with a total area of 254 square kilometers. In total, it is 288 square kilometers, grouped under the name of the Kandiole project.
ROSCAN's mineral resources total 1,200,000 ounces at 1.2 g/t including 1 million ounces in the indicated resource category and 200,000 in the inferred resource category.
In short, YOU EXAGGERATE THE QUALITY OF ALL THE PARAMETERS TO YOUR ADVANTAGE. 35 square kilometers + options on 254 square kilometers, THIS IS NOT THE EQUIVALENT of a total area of 1405 square kilometers, including 550 for the Dandoko permit. YOU CANNOT compare ownership rights with ownership options that involve acquisition costs. 1,000,000 ounces at 1.2 g/t DOES NOT REALLY HAVE THE SAME ECONOMIC VALUE as 600,000 ounces at 1.88 g/t. YOU CANNOT determine the value of ROSCAN from a transaction that is 60% completed by an exchange of shares, without providing a critical look at the market value of B2GOLD shares on the day of the transaction. Australian dollars are NOT Canadian dollars. By suggesting that B2GOLD references ROSCAN in videos is THE PERFECT STORY YOU HAVE IMAGINED. ROSCAN's mineral resource estimates ARE NOT RELIABLE BECAUSE THEY HAVE NEVER BEEN PRESENTED IN A 43-101 Technical Report (page 134).
In conclusion, I believe that ROSCAN enjoys a lot of generosity from the market. Considering the amounts that will have to be invested in drilling; the loss of value caused by the royalty agreement obtained by OSISKO; the cost of exercising options on the 254 square kilometers they do not own; of the need to further finance development activities, I estimate that the market capitalization should not exceed $30,000,000, which is already very generous. Therefore, an SP of ~8 cents would be more appropriate.